A clutch of global and Indian fintech angel investors have infused an undisclosed amount into Recko, a Bengaluru-based, reconciliation fintech startup.
Saurya Prakash Sinha, CEO & co-founder, Recko, said, “While our initial customers are in India, our vision for Recko was always go global. Adding these amazing stalwarts on our side means Recko can reach out to for advice, product guidance, technology expertise, and connects to customers/investors and just good mentoring from time to time.”
Founded in 2017, by Prashant Borde and Saurya Prakash Singh, Recko is a SaaS-based reconciliation platform that helps finance teams of commerce marketplaces as well as transaction platforms to keep track of the complete transaction lifecycle and commercial contracts, to prevent pilferage.
Recko has built a SaaS-based reconciliation product that keeps track of the complete transaction lifecycle and commercial contracts for organizations.
It automates reconciliation and allows the data to be traced throughout the entire transaction cycle.
The platform also enables finance teams to ingest, enrich multiple data sources and reconcile millions of transactions in hours, instead of days, without writing a single line of code.
Sanjay Swamy, Managing Partner, Prime Venture Partners, said in a statement, “We are rapidly seeing newer and newer use cases for Recko, around the world. We are thrilled to welcome marquee co-investors and have the opportunity to contribute further to Recko’s journey in a significant way.”
Furthermore, the company is now crunching massive volumes of transactional data to digitise organizational financial control and is building Machine Learning models to identify anomalies, risk and intelligence around money flow.
The company is setting plans to enter international markets including the US, in the next six months.
Whereas, top funded fintech companies in India includes Paytm, Policy Bazaar, PhonePe, PineLabs, among others.